I just saw the film yet again, and I thought I'd post my thoughts after another viewing.
I loved Travolta even more this time. He wasn't a bit distracting, and I really forgot I was watching Travolta. Of anyone, he has the best chance at an Oscar nod.
If not Travolta, my next pick for an Oscar nod would still be Walken. He was wonderful in his role, and those Hollywood folk just LOVE him.
Pheiffer is probably the only other one I could see getting an Oscar nod. She was perfect in every way. Wonderful casting! She was just wonderful.
As others have stated, Blonksy and the rest of the cast don't really have an Oscar moment (like Hudson had with AIATY and I AM CHANING). However, I would say Queen Latifah does. I KNOW WHERE I'VE BEEN is powerful and heartfelt, probably the score's best written song.